“You’re talking about significant savings over the life of a loan.”
From left to right: Steve Krueger, Judge Ed Emmett, Steve Harris
It’s called a Mortgage Credit Certificate or MCC. Steve Harris is the program’s manager. He says the program just received a $58 million dollar boost to assist low to moderate income families. He says eligible home buyers can get a direct federal income tax credit that’s equal to 30 percent of the interest paid on their loan. Harris stresses that it’s a tax credit, not deduction.
“A credit is direct money back in the pocket of the home buyer.”
To be eligible, home buyers must live mainly in unincorporated Harris County — that excludes the city of Houston, which has a program of its own. Those who qualify may only purchase homes with a price tag of up to $250 thousand dollars.
“It really is a work-force housing denominated program that can help many, many Harris County residents to obtain a home of their own.”
Right now the program is not limited to first-time home buyers. But Harris says that changes at the end of the year. For more information, visit harriscountyhfc.org.